Brookfield mulling USD-800m investment in India's ReNew Power - report


November 11 (Renewables Now) - Canada's Brookfield Asset Management Inc (TSE:BAM.A) is holding talks to inject USD 800 million (EUR 726m) in Indian renewable power producer ReNew Power Ltd, the Economic Times reports, citing unnamed sources.

Two people familiar with the matter have told the newspaper that Brookfield is currently conducting due diligence and a potential deal would provide a partial exit to Goldman Sachs Group Inc (NYSE:GS), which currently owns more than 48% in ReNew Power. Other investors in the Indian firm are Abu Dhabi Investment Authority (ADIA), the Canada Pension Plan Investment Board (CPPIB), the Asian Development Bank (ADB), Global Environment Fund and Japan’s JERA.

The deal could be finalised in the next few months, one of the sources has said.

ReNew Power, India's largest renewable energy independent power producer (IPP), owns over 8 GW of wind and solar assets across the country, either commissioned or in development, as of June 2019. Goldman Sachs has been looking to cut its stake in the Indian firm in the past two years and planned to do so in its initial public offering (IPO). The floatation, however, has been postponed as ReNew Power has opted for raising funds through asset sales, according to the report.